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The global transformer oil market is projected to reach USD 3.3 billion by 2030 from an estimated market size of USD 1.9 billion in 2021, at a CAGR of 6.5% during the forecast period. The factors driving the growth for transformer oil are the expansion of electric grids in developing countries along with the modernization of electric grids in the developed economies due to growing industrialization and urbanisation. Naphthenic mineral oil has long been the most preferred transformer oil because of its high efficiency, easy availability, and its useful chemical properties such as good pour point at low temperature and exceptional thermal cooling capacity.

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